Fund Evaluator:
Permanent Portfolio Short-Term Trs I (PRTBX)
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Fund Details
Permanent Portfolio Short-Term Trs I Overview
Permanent Portfolio Short-Term Trs I (PRTBX) is an actively managed Taxable Bond Ultrashort Bond fund. Permanent Portfolio Family of Funds launched the fund in 1987.
The investment seeks to earn high current income, consistent with safety and liquidity of principal. The fund invests at least 80% of its assets in direct debt obligations of the United States Treasury, including U.S. Treasury bills, notes and bonds, and other securities issued by the U.S. Treasury. The adviser expects to maintain a dollar-weighted average portfolio maturity and duration of zero to three years. It is not a money market fund and does not seek to maintain a stable price per share.
About Permanent Portfolio Short-Term Trs I (PRTBX)
There are 1 members of the management team with an average tenure of 23.27 years: Michael Cuggino (2003). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: FTSE Treasury Bill 3 Mon USD index with a weighting of 100%. Permanent Portfolio Short-Term Trs I has 10 securities in its portfolio. The top 10 holdings constitute 99.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Permanent Portfolio Short-Term Trs I is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Permanent Portfolio Short-Term Trs I has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 81.3% (81.3% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Permanent Portfolio Short-Term Trs I has 18.7% of the portfolio in cash.
Assets Under Management
The fund has $12 million in total assets, which is below the $950 million average for the Ultrashort Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PRTBX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Permanent Portfolio Short-Term Trs I expense ratio is above average compared to funds in the Ultrashort Bond category. Permanent Portfolio Short-Term Trs I has an expense ratio of 0.65%, which is 45% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Permanent Portfolio Short-Term Trs I has a portfolio turnover rate of 16%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 77% for the Ultrashort Bond category.
Recently, in the month of July 2026, Permanent Portfolio Short-Term Trs I returned 0.2%, which earned it a grade of F, as the Ultrashort Bond category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Permanent Portfolio Short-Term Trs I has a trailing yield of 3.35%, which is below the 4.21% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Permanent Portfolio Short-Term Trs I Grades
Year to date, the fund has returned 1.1%, 1.0 percentage points worse than the category, which translates into a grade of F. The fund has returned 3.0% over the past year (grade of F), 3.9% over the past three years (grade of F) and 2.1% per year over the past five years (grade of F) and 1.3% per year over the past 10 years (grade of F).
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PRTBX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PRTBX Return (NAV) | 0.2% | 0.5% | 3.0% | 3.9% | 2.1% | 1.3% |
| PRTBX Grade | F | F | F | F | F | F |
| +/- Category | -0.1% | -0.4% | -1.1% | -1.3% | -1.6% | -1.4% |
| Ultrashort Bond Avg | 0.3% | 0.9% | 4.1% | 5.2% | 3.6% | 2.7% |
| PRTBX Tax Cost Ratio | na | na | 1.3% | 1.0% | 0.6% | 0.4% |
PRTBX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PRTBX Return (NAV) | 1.1% | 4.2% | 4.1% | 3.8% | -2.3% | -0.7% | 0.1% | 1.8% | 1.2% | 0.1% | -0.2% |
| PRTBX Grade | F | F | F | F | F | F | F | F | F | F | F |
| +/- Category | -1.0% | -0.7% | -1.7% | -2.1% | -2.1% | -0.9% | -1.4% | -1.3% | -0.5% | -1.4% | -1.8% |
| Ultrashort Bond Avg | 2.1% | 4.9% | 5.9% | 5.9% | -0.2% | 0.1% | 1.5% | 3.1% | 1.7% | 1.6% | 1.5% |
| Risk Measures | |
| Standard Deviation: | 0.8% |
| Total Risk Index: | 0.06 - Low |
| Category Risk Index: | 1.34 - High |
| Category Risk Grade: | F (85% Rank) |
| Beta: | 0.09 |
| R-Squared: | 50% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 3.4% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $12 Mil |
| Fund Total Assets: | $ 13 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 17% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 23.3 years | |||
| Average Tenure: 23.3 years | |||
| Managers (Year): Cuggino Michael (2003) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 10 |
| % in Top 10 Holdings: | 99.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 81.3% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 18.7% |
Purchase Information
| Fund Family: | Permanent Portfolio Family of Funds |
| Phone Number: | 800-341-8900 |
| Website: | www.permanentportfoliofunds.com |
| Status: | Open |
| Inception Date: | September 21, 1987 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.65% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.45% |
| Share Class: | Permanent Portfolio Short-Term Trs I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
